Remortgage with Ocean
- Compare remortgage deals from leading lenders
- Switch to a better deal
- Borrow cash for other purposes
won't affect your credit score
Apply for your Ocean remortgage today
A remortgage can be a great opportunity to reduce your monthly payments or free up cash for other purposes. Even if you haven't finished your existing deal, we could help you save money.
Should I choose a tracker or fixed-rate remortgage?
It depends whether you are willing to risk your payments changing over time.
- Tracker remortgages are usually cheaper to begin with, but your monthly payments could change. They could go down, but they could also go up, and it's not easy to predict when.
- Payments on a fixed-rate remortgage stay the same for an agreed period. So if you choose a 2-year fixed remortgage, for example, you won't have to worry about your monthly payments increasing for two years. After that, you'll start paying your lender's 'standard variable rate' (SVR), unless you remortgage to a new deal.
So if you want lower monthly payments and you're prepared for a potential increase in your payments, a tracker mortgage might be for you. But if you want to know exactly how much you're paying each month, then the security of a fixed-rate deal might be a better option.
Can I remortgage before my current deal ends?
Yes you can, although you may have to pay a fee if you do. Most lenders require an 'early repayment charge' if you want to end your current deal early. So it only usually makes sense to remortgage early if you know the saving will be bigger than the early repayment charge.
If you're not sure whether it's worth remortgaging before your current deal ends, ask one of our remortgage advisers.
Can I borrow more on my remortgage?
If you've put enough money into your home, you may be able to borrow more when you take out a remortgage. You can use this extra cash however you like, whether it's to pay for home improvements, for a holiday or to pay off existing debts. Any extra money you borrow will count against your deposit, so bear this in mind when deciding how much to borrow. A smaller deposit may mean you can't get access to the very best remortgage rates. Also remember that it will increase the amount you pay each month, so make sure you can afford it.
I have a bad credit score - can I still get a remortgage?
Yes. Although a bad credit score can make it more difficult to get a remortgage, there are still plenty of deals out there. However, a bad credit score may mean you pay more interest than someone with a good credit score. In general, the bigger your deposit, the easier it should be to get a remortgage - even if you have a bad credit score.
Ocean Mortgages arranges mortgages and re-mortgages from a panel of lenders.
Happy to help
Call us if you have any queries, no matter how small, and we’ll be ready to lend an ear.0161 667 8444